Gallardo purchase at what income level?

My take on this is for a toy, you should consider the money spent and non returnable, ie if you spend $150k its gone and if you do get money back if and when you sell consider it a bonus.

These cars are a liability and don't let anyone tell you they are an investment.

All that being said they are good fun and if this is how you plan to spend your disposable income (not your second mortgage) go for it.

 

Russell

A Gallardo is a great car, but not worth blowing your whole nut on, especially since its used, and likely to be visiting the repair shop more often, which will take a lot of the fun out. Take 2 or 3k, rent one for a weekend, drive the piss out of it and get it outta your system.

It's funny how some of you are making the Gallardo look like it costs a fortune to own. Let me tell you that the chances of having to spend 50K or 15K at once for a Gallardo repair is very slim. I have been browsing these forums for years, and I have read maybe 3-4 instances where people had to spend that kind of cash on a repair bill.

 

Don't let some of these posts deter you from buying your dream car. A late 04 gallardo with a 6 speed manual trans and well documents service history should be bullet proof. Outside of the 7,500 mile, $300 oil changes and the 15,000 mile, $1,500 service, you should not have much to be worried about.

 

Now, ANYTHING can happen, and I am aware of that. But, and imo, the chances of such a repair bill on a 6 speed is very slim. Now, get out there and buy your Gallardo!!

Don't let some of these posts deter you from buying your dream car. A late 04 gallardo with a 6 speed manual trans and well documents service history should be bullet proof. Outside of the 7,500 mile, $300 oil changes and the 15,000 mile, $1,500 service, you should not have much to be Hey Style,  I thought I'd find you living out here as a professional stuntman.  

 

 

Fadi, I have to disagree somewhat. While the risk is less than say with a Ferrari 360, there is risk. People just don't tend to post their car failures on LP, that's not saying it doesn't happen. The 50k car I'm talking about was a very well taken care of 6speed manual car. The driver is a mature driver with several cars in his stable.

 

It does sound like zmydust is ready for his car, but Im answering the question posed. I'm risk adverse, so I waited till I could buy cash and have a good cushion before I bought. He doesn't have to do the same. Like someone else said, it depends on your tolerance for risk.

Fadi, I have to disagree somewhat. While the risk is less than say with a Ferrari 360, there is risk. People just don't tend to post their car failures on LP, that's not saying it doesn't happen. The 50k car I'm talking about was a very well taken care of 6speed manual car. The driver is a mature driver with several cars in his stable.

 

It does sound like zmydust is ready for his car, but Im answering the question posed. I'm risk adverse, so I waited till I could buy cash and have a good cushion before I bought. He doesn't have to do the same. Like someone else said, it depends on your tolerance for risk.

 

Raj, I also know of a few people that got in airplane crashes and passed. Does that mean that I will never ride on an airplane again? No. Why? Because it is a small risk, a risk that I am (and anyone else that gets on a plane) willing to take to enjoy life.

 

I understand what you are saying, but what are the chances of him dropping a bill like that on a well maintained, 6 speed car? On the other hand, if this problem was reoccurring and a popular one (15K or 50K repair bill), then I would understand AND agree with you, but from my research and understanding, this is not the case. I understand that ANYTHING can happen, and that includes me walking out of my job tonight and getting hit by another car in traffic, or having a 50K Gallardo repair bill, but it is a risk on the smaller spectrum of the scale, imo.

 

If you live life constantly thinking about worst case or close to worst case scenario, you won't be living, at all. Life is short, enjoy it IF you can.

Hey guys,

Long time daily reader, but first time posting.

Not trying to thread jack but I wanted to add to zmydust's posting. If you were in the same situation he is in, at what level of income would you personally feel comfortable buying the same g, considering depreciation and maintenance costs? 100k, 200k, 1mm?

Hey guys,

Long time daily reader, but first time posting.

Not trying to thread jack but I wanted to add to zmydust's posting. If you were in the same situation he is in, at what level of income would you personally feel comfortable buying the same g, considering depreciation and maintenance costs? 100k, 200k, 1mm?

 

 

 

PS, If he was going to pay cash, why didn't he even mention the percentage of liquid assets he was going to use for the car purchase?

If you live life constantly thinking about worst case or close to worst case scenario, you won't be living, at all. Life is short, enjoy it IF you can.

 

Fadi, you are right. Again it's all risk tolerance. I tend to be very conservative, so my opinion is clearly my perspective. Personally I think he should get the car because it fcuking rocks to own a Lambo!

Fadi, you are right. Again it's all risk tolerance. I tend to be very conservative, so my opinion is clearly my perspective. Personally I think he should get the car because it fcuking rocks to own a Lambo!

 

Completely understand and agree..

I think if you feel that you are able to afford one, or close to it, you should begin very carefully looking for the right car. Yes, you hear the stories about the nightmare repairs once in awhile but these cars are far more reliable than they used to be.

 

GBGallardo, a member here, is selling his 2005 Gallardo for ~$105k. It is a clean, loud, sexy car with no big problems or repairs to date. You would do well in a car like that.

 

My final opinion is this - very few things are certain in life. Yes, a major repair might happen along and devestate you. However, heaven forbid, you could also be dead in a year. Go for it while you can and enjoy it. Life is too short and uncertain not to. Sorry for the morbid view but a 28 yr old guy I know was diagnosed with an advanced brain tumor last night and his life as he knows it is over. You see my point.

Are there some companies that offer an extended service contract/warranty for a G?

 

If there is, that might take some of the "risk" away from a major repair bill.

 

 

 

 

Are there some companies that offer an extended service contract/warranty for a G?

 

If there is, that might take some of the "risk" away from a major repair bill.

 

Actually, I believe Lamborghini even has a certified pre-owned program. JoeFondo knows the ins and outs. Here's an article.

 

 

PS, If he was going to pay cash, why didn't he even mention the percentage of liquid assets he was going to use for the car purchase?

 

 

 

Because I never asked if I could afford it, I asked for the members' opinions on what income level they felt comfortable buying their exotic at. I KNOW I can afford the car or this thread would never have come up , not to mention it isn't necessary to the topic for me to divuldge my liquid asset total nor do I think anyone else would.

 

 

Are there some companies that offer an extended service contract/warranty for a G?

 

If there is, that might take some of the "risk" away from a major repair bill.

 

 

 

 

This is actually great advice and would take alot of the risk away.

 

 

Completely understand and agree..

 

 

 

 

Thanks Kisco and Gasman, both very good ways at looking at it. I'm fairly risk tolerant being that I drag race motorcycles for AMA , work in the car business, and just generally live by the quote of " LIFE'S JOURNEY IS NOT TO ARRIVE AT THE GRAVE SAFELY IN A WELL PRESERVED BODY BUT RATHER TO SLIDE IN SIDEWAYS, TOTALLY WORN OUT, SHOUTING "WOW....WHAT A RIDE"! "

 

 

 

 

btw I'm 28 years old as well so that mention of the guy dying young means alot. Most in my family do not have extremely long lives.

Thanks Kisco and Gasman, both very good ways at looking at it. I'm fairly risk tolerant being that I drag race motorcycles for AMA , work in the car business, and just generally live by the quote of " LIFE'S JOURNEY IS NOT TO ARRIVE AT THE GRAVE SAFELY IN A WELL PRESERVED BODY BUT RATHER TO SLIDE IN SIDEWAYS, TOTALLY WORN OUT, SHOUTING "WOW....WHAT A RIDE"! "

 

 

 

 

btw I'm 28 years old as well so that mention of the guy dying young means alot. Most in my family do not have extremely long lives.

 

 

Sweet See you on the pavement in your new to you G!

btw I'm 28 years old as well so that mention of the guy dying young means alot. Most in my family do not have extremely long lives.

 

Yeah, stuff like that makes you think. Sorry to go "there" with your otherwise exciting car thread but it does put some of life's decisions into perspective. Good luck with your car decision and, hopefully, the hunt for the right Gallardo.

If you can not afford a $15K repair bill, can you afford the factory pre-owned warranty for $7-9K?

 

You should also budget anywhere from $3-6 per mile for wear and tear, gas, insurance, depreciation, etc. This figure was posted by someone else who has done a detailed breakdown of G ownership over its life. Find it, READ IT!!!! and weep! Must read for any would-be owner. Then reality sets in....

 

Personally, unless your income is in the 6 figures, and you have banked cash, walk away. Otherwise, peel away in your new Lambo.

 

You said a $15K repair bill would cause you hardship. If that is the case, you do not buy one. Why? Because you will be in trouble if that unlikely $15K bill does come up that you can not afford to pay. Then what? Your car is on blocks, or you do not eat for a few months?

 

One way to avoid this is to buy a G under warranty, or under used-car warranty. Those were points already mentioned by the other members. We have a 3-year used warranty on our G by a third party insurer, and it is reassuring that should something go wrong, it is covered. Already used more repair $ than the warranty cost, so it was a great deal. And make sure the warranty is transferable.

 

And you better have a nice wad of cash put away in case you lose that 6 figure income (like many did and then had to dump their cars cheap), so you can keep feeding the car lots of $$$. You see them everywhere you turn. You do not want to end up as a statistic.

One way to avoid this is to buy a G under warranty, or under used-car warranty. Those were points already mentioned by the other members. We have a 3-year used warranty on our G by a third party insurer, and it is reassuring that should something go wrong, it is covered. Already use more repair $ than the warranty cost, so it was a great deal. And make sure the warranty is transferable.

 

Carbuff, who did you buy your warranty from? I heard the non factory ones are no good.

My long two cents...

 

The group has some very good advice and you need to take what advice suits your situation and what is best for you.

 

I didn't read why you were looking at a Lamborghini in the first place, is that you love Lamborghini's and it has been a dream or that you want a Lamborghini because they are cool or it looks great, chicks, etc? I say this becacuse I think it makes a big difference especially in a case where the person doesn't have millions to blow on cars and doens't care if he loses his shirt or not, he can buy a Lamborghini because it matches the shirt he is wearing for today.

 

If this is your dream and you truely love Lamborghini's and what they are about, you have the cash for the purchase and some extra for the regular maintenance......GO FOR IT!!!!!!

 

I'm in the later category and I have lost $150k easy on my purchase, the car has been solid with little maintenance over the 20,000km I have put on it since new. It was my dream and has been the most amazing thing in my life, it has opened doors, it has introduced me to people I would have never met, but most of all it brings me true happiness by looking at it, driving it, listening to it, that cannot be described! Would I do it all over again? Hell ya but much sooner in life! Do I regret any part of it? Only the timing of the market, but then maybe it wouldn't have been the same thing 2 1/2 years later...who knows!

 

Now if you are looking for a Lamborghini because you think it is cool(which I don't think is the case, by your most recent post about bike drag racing etc.) then honestly I'm not sure it would be a good thing to do. Invest the money and focus on your dreams IMO.

If you can not afford a $15K repair bill, can you afford the factory pre-owned warranty for $7-9K?

 

You should also budget anywhere from $3-6 per mile for wear and tear, gas, insurance, depreciation, etc. This figure was posted by someone else who has done a detailed breakdown of G ownership over its life. Find it, READ IT!!!! and weep! Must read for any would-be owner. Then reality sets in....

 

Personally, unless your income is in the 6 figures, and you have banked cash, walk away. Otherwise, peel away in your new Lambo.

 

You said a $15K repair bill would cause you hardship. If that is the case, you do not buy one. Why? Because you will be in trouble if that unlikely $15K bill does come up that you can not afford to pay. Then what? Your car is on blocks, or you do not eat for a few months?

 

One way to avoid this is to buy a G under warranty, or under used-car warranty. Those were points already mentioned by the other members. We have a 3-year used warranty on our G by a third party insurer, and it is reassuring that should something go wrong, it is covered. Already used more repair $ than the warranty cost, so it was a great deal. And make sure the warranty is transferable.

 

And you better have a nice wad of cash put away in case you lose that 6 figure income (like many did and then had to dump their cars cheap), so you can keep feeding the car lots of $$$. You see them everywhere you turn. You do not want to end up as a statistic.

 

 

 

 

 

I never stated I could not afford a $15k repair bill after purchase of the car, but its neither here nor there since that was never the question. I was fishing for opinions on income level , as I feel I can definitely afford a G in the range I mentioned. I seriously doubt anyone not making above 6 figures with some banked cash would be able to or would be looking to purchase a Gallardo.

 

 

 

To TWG, I am most certainly looking into this purchase because I love the cars and what they are, not in any way to look "cool" . Hell , here in Mississippi , my 996 911 garners a ton of attention because we simply don't have many high end cars running around.

Carbuff, who did you buy your warranty from? I heard the non factory ones are no good.

 

 

I sell non factory ones at work pretty frequently that I feel are as good as the manufacturers warranties , even better in some cases due to 24hr roadside, lockout, tire change , and other benefits. Unfortunately , I called my provider and asked about a Gallardo and he quickly told me they weren't interested haha. Same with my Allstate agent, he said unless I moved my other vehicles with him ( motorcycles, cars , and truck are with Progressive) that he couldn't insure it at all.

"To TWG, I am most certainly looking into this purchase because I love the cars and what they are, not in any way to look "cool" . Hell , here in Mississippi , my 996 911 garners a ton of attention because we simply don't have many high end cars running around. "

 

Then I think you are answering your own question now. If you are anything like me it will be a daily GRIN owning one.

 

Let us know what you buy and post some pics!!! Can't wait to see another "Owners" title added.

 

BTW, I was street riding and draging my 1260cc Katana on spray. I haven't driven the bike since the Lamborghini entered the garage. Poor Suzuki

I think that you have put a lot of thinking into this. I think you do not do things without a lot of consideration for all the pros and cons of making a deal. Weather it is for a car or business deal. As long as the money that is spent for the car will not make any difference to you as if it was never in the bank then go for it. If something would go wrong and the car had to set for a year to get the money to fix it that would be . You would just have to save the money to fix it.

I think I would pay off my house and then pay cash for the car. That is just my thought. If that would not take long to do.

It is not how much you make it is what you do with your money. Not having any type of dept is a great thing. Cash talks in all types of deals , you always get a better deal with cash.

Having a Lamborghini is

"To TWG, I am most certainly looking into this purchase because I love the cars and what they are, not in any way to look "cool" . Hell , here in Mississippi , my 996 911 garners a ton of attention because we simply don't have many high end cars running around. "

 

Then I think you are answering your own question now. If you are anything like me it will be a daily GRIN owning one.

 

Let us know what you buy and post some pics!!! Can't wait to see another "Owners" title added.

 

BTW, I was street riding and draging my 1260cc Katana on spray. I haven't driven the bike since the Lamborghini entered the garage. Poor Suzuki

 

 

I will still have to show the bike a bit of attention, here is mine . 2008 Hayabusa with nitrous and all the minor mods. 8.50's in the quarter on pump gas and streetable tires.